November 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.In particular, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal governmentâs Thrift Savings Plan is increased from $17,000 to $17,500.However, the additional catch-up contribution allowed for those age 50 and higher remains $5,500.ovember 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.
Jones rejected the ruling and imposed a penalty more than 15 times larger. Although, under Insurance Commissioner Steve Poizner four years ago California sought a penalty of nearly $10 billion against the insurer, a fine that didnât stand. UnitedHealth in July sued Jones to block the massive fine, which is considered unprecedented in size. California Insurance Commissioner Dave Jones.
The government canât put you in prison for not having health insurance. The penalty for not having insurance is a fine: 1 percent of your income or $95, whichever is higher (the amount will rise in 2015 to $325 or 2 percent of your income).If you donât have any income at all, youâre exempt from the mandate for having coverage.For most people, it will be 1 percent.) The penalty will increase in subsequent years. In 2015, the penalty will be $325 or 2 percent of your income, and in 2016, it will be $695 or 2.5 percent of income, whichever is higher. If you have coverage for part of the year, youâll owe a prorated penalty.